Narmadesh Brass Industries IPO listing: Shares of Narmadesh Brass Industries hit their lower circuit after a weak debut on the BSE SME on Wednesday, January 21. Narmadesh Brass Industries opened at ₹495, 3.9% lower than the issue price of ₹515. Soon after the listing, the stock plunged further to hit its 5% lower circuit of ₹470.25. The lower circuit price is down 8.7% with respect to the issue price.
The stock’s listing was largely in line with expectations in the grey market. The Narmadesh Brass Industries GMP on Wednesday morning was nil, indicating the stock could have listed at par with the issue price.
Narmadesh Brass Industries operates a manufacturing unit spanning around 6,300 square metres at the Shree Ganesh Industrial Hub in Jamnagar, popularly referred to as India’s “Brass City.”
The company produces a wide range of products, including brass billets and rods, valves, plumbing and sanitary fittings, agricultural sprayer components, and customised machined parts, serving both domestic and export markets.
(This is a developing story. Please check back for fresh updates.)
Read all market-related news here
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
